MTNN, Total drags Nigerian equity market marginally lower, posts 0.05% decline

Amid the absent of brokers on the Nigerian Stock Exchange (NSE) trading floor due to the measure taken by the NSE management to contain the spread of Covid-19, the Nigerian equity market on Wednesday, dipped 0.05 per cent, following profit taking on MTNN and TOTAL and 5 other stocks as gains in Banking, Consumer and Industrial goods sectors failed to sustain yesterday’s gain.

However, the market breadth closed positively, recording 20 gainers as against 7 losers.

The All-Share Index (ASI) decreased by 11.68 absolute points, representing a dip of 0.05 per cent to close at 21,729.48 points. Similarly, the overall Market Capitalization size shed N6.09 billion, representing an dip of 0.05 per cent to close at N11.32 trillion.

CUTIX emerged as the top gainer while TOTAL emerged as the top loser.

The downturn was impacted by loses recorded in large and medium capitalized stocks, amongst which are; TOTAL (-10.00%),  AFRIPRUD (-9.87%), FCMB (-3.85%) and MTNN (-2.91%).

Investors transacted a total of 233.47 million units of equities valued at N2.24 billion in 3,874 deals.

The bourse has so far shed 19.05 per cent this year, adversely impacted by the drop in oil prices and the coronavirus pandemic.